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Malaysia police track 'money trail' in US fraud probe

Published on May 30, 2013 3:38 PM
 

KUALA LUMPUR (AFP) - Malaysian police have been cooperating with authorities abroad to stem a global online currency operator that is being probed in the United States on allegations of massive money laundering, a report said on Thursday.

The US on Tuesday unveiled the world's "largest" money laundering investigation, targeting the digital currency business Liberty Reserve.

The Costa Rica-based entity, which handled huge amounts of money outside the control of national governments, is charged with running a "US$6 billion (S$7.55 billion) money laundering scheme and operating an unlicenced money transmitting business."

New York prosecutors said Liberty Reserve used "pre-approved" exchangers, typically unlicenced money-transmitting businesses "operating in countries without significant governmental money laundering oversight or regulation, such as in Malaysia, Russia, Nigeria, and Vietnam."

 
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